How to Improve Your Financial Communication at Home

How to Improve Your Financial Communication at Home

People fight about lots of things. One of the most common things they fight about is money. It’s what often comes between two people in love, two roommates, and friends. Improving your financial communication can help reduce or even eliminate these fights. Here’s how to do it.

====>> Tip #1 Don’t Expect Your Partner to Read Your Mind

This is one of the most common mistakes. And it’s the cause of many fights. If you have financial goals, concerns, or even thoughts about your money, then it’s important to share those ideas.

====>> Tip #2 Listen

When you’re discussing financial matters it’s easy to become upset. Feelings of anger, frustration, and overwhelm can creep in and cause you to shut down. However, when you’re discussing money with your partner it’s extremely important to listen to what they have to say. This means asking questions, getting clarity on their thoughts and ideas and then sharing your ideas on the matter.

====>> Tip #3 One Goal, One Conversation

Try to keep money conversations focused on one goal. For example, sitting down to talk about retirement savings, investments, college savings and the growing grocery bill may be too much to handle in one conversation. Choose the topic you’re going to discuss and keep conversations focused. You’ll be more likely to have a successful conversation.

====>> Tip #4 You’re in This Together

When discussing money it’s easy to fall into negative conversation habits that include blame and claim. “My money” and “your fault” are two examples of phrases that shouldn’t be used. Instead try “our money” and “we need to do better.” Work together to create goals and solve money challenges.

====>> Tip #5 Choose the Right Time and Place

There are good times to have a money conversation and bad times. For example, at the end of a long and stressful day probably isn’t the best time to have a serious discussion. It can make sense to schedule conversations. This way everyone comes to the table prepared for the discussion and with the right mindset.

====>> Tip #6 Choose the Right Tool

Some people try to avoid conflict by having financial discussions over the phone or via email. Face to face is always the best way to discuss important topics. This way you’re able to connect and there are fewer opportunities for miscommunication.

====>> Tip #7 Be Honest

Money can be a bit of a power struggle. When this happens, you’ll either give up power or take it from your loved one. This isn’t a healthy approach. It’s important to be honest with yourself and with your spouse or loved one when you’re having a money conversation. Remember, you’re in this together and there’s no room for dishonesty or power struggles.

Financial communication can be difficult, particularly when your finances aren’t where you want them to be. However, with good communication you can make big strides toward improving your financial situation and achieving harmony.